Schumer Announces: GlobalFoundries’ $1.5 Billion CHIPS Award Finalized, Spurring Major Private Investment & Creation Of Thousands Of Jobs; Investment From Schumer’s Bipartisan[...]

Washington, D.C. - Leader Schumer announces that GlobalFoundries will expand their current fab, build a new, state-of-the-art second manufacturing facility in Malta, New York, and modernize their Vermont facility. GlobalFoundries will invest more than $13 billion over the next ten years, adding thousands of new, good-paying manufacturing and union construction jobs. The finalized Commerce award comes from Leader Schumer's bipartisan CHIPS and Science Law and focuses on expansion of domestic chip production for American auto, technology, and defense industries.

U.S. Senate Majority Leader Chuck Schumer today released the following statement on agreement between GlobalFoundries and the Department of Commerce on a final award of up to $1.5 billion in direct funding through the bipartisan CHIPS & Science Law he initiated and successfully passed into law. Schumer said that this funding will support expansion of GlobalFoundries' existing fab in Malta, NY and the construction of a second, state-of-the-art fab at the same site, in addition to modernization of the company's current facility in Essex Junction, VT. The U.S. Department of Commerce will disburse funds in the coming years as long as GlobalFoundries meets project milestones agreed to in the final award.

"$1.5 billion from my bipartisan CHIPS & Science Law is now signed and sealed for GlobalFoundries to help expand production and build a second, cutting-edge and massive chip factory, bringing thousands of good-paying manufacturing and union construction jobs, to add to its already large world-class workforce. This investment will make sure America's semiconductor future is made in America, not China," said Leader Schumer. "The essential chips GlobalFoundries makes are critical for the auto industry, national defense, and many other technologies from smart phones to artificial intelligence. This major investment will help secure America's supply chains and protect against the shortages that led to skyrocketing prices for cars, computers, and more that hit families during the COVID-19 pandemic as a result of us not producing enough of these chips domestically. This investment will also help boost the domestic supply of chips that our military relies on, and will keep America ahead, with GlobalFoundries helping write the next chapter of American manufacturing."

GlobalFoundries is a leading producer of essential chips that are critical across industries, from mobile phones and artificial intelligence to automobiles and defense technologies. Currently, there are only four companies outside of China that provide current and mature foundry capabilities at the scale of GlobalFoundries, and GlobalFoundries is the only one of those companies that is headquartered in the United States. GlobalFoundries, a Trusted Foundry for the Department of Defense, is a key supplier of chips for America's national defense, with strong partnerships with major defense contractors like Lockheed Martin. GlobalFoundries also supplies chips to America's auto industry with partnerships in place with companies like General Motors, which saw severe shortages of chips during the pandemic, leading to increased prices for cars. The investment will support the expansion of GlobalFoundries' current fab focused on automotive chips to help meet soaring demand for chips in cars and get ahead of future supply chain challenges.

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